Enterprise Performance Management Market Trends

Drivers

Increasing Adoption of Cloud Computing

• The landscape of the EPM market is continuously changing with the introduction of the cloud computing. Companies are gradually migrating their workload from manual mode into cloud-based model thereby increasing the efficiency of the process. The market is changing its business methodology, and the cloud-based deployment mode is one of the most widely used approach. The providers of such cloud services assist the enterprises in getting knowledge on the new technology and its impact in near future. Advent of EPM in HR domain provide a smoother and better process to manage the workflow from recruitment to retirement. Thereby these factors strengthen the market growth in the forecast period.

Increasing Adoption of EPM Solutions for Regulatory Compliance

• Businesses must constantly deal with complex and improved regulations. But the EPM tools provide solutions that allow smooth management and recovery of vital business documents and data. Compliance requirements like data privacy regulations and industry-specific rules are encouraging organizations to adopt EPM solutions for secure and compliant information governance. This emphasis on regulatory obedience is increasing the adoption of EPM systems.

Restraints

Lack of Skilled Workforce

• The lack of skilled workforce immensely restricts efficient integration and advancement of EPM solutions. This is because enterprises are facing the challenges in finding people who are experts in EPM technologies. The intricate nature of EPM systems needs specialized expertise in areas like information governance, data security, and workflow automation. The lack of properly trained professionals restricts the smooth incorporation of EPM tools.

High Expense of Tools

• Incorporating and maintaining EPM solutions requires a significant amount of upfront investments and constant operational expenses. Features like licensing fees, infrastructure upgradation, and training expenses increase the financial burden for businesses. This is especially true for small and medium-sized enterprises who have limited investment. Furthermore, customization and incorporation of EPM systems with current workflows leads to extra costs, restricting the adoption rate.